08 March 2007

But if you wait for all the facts to come in, you might miss the lynching.

Observers have said for years that the Sarbanes-Oxley Act probably would have been written differently had lawmakers thought through the financial and other implications of the act rather than allowing themselves to be swept away in post-Enron/WorldCom hysteria. Admitting as much now is former Representative Michael Oxley (from the International Herald Tribune, via Professor Bainbridge):

Was Oxley aware, his questioners asked, that the law that he and Senator Paul Sarbanes, a Maryland Democrat, rushed onto the books five years ago after the collapse of Enron and WorldCom had contributed to a sharp decline in listings on U.S. stock exchanges? And, knowing what he knows now about the cost and effects of the law, would Oxley — who retired in January after 25 years in Congress — have done it any differently?

"Absolutely," Oxley answered. "Frankly, I would have written it differently, and he would have written it differently," he added, referring to Sarbanes. "But it was not normal times."

Professor Marc Hodak, commenting on Bainbridge's site, noted that he had recently given a presentation to international executives: "There I claimed that the only two people left who did not think SOX was a debacle were named Mr. Sarbanes and Mr. Oxley. I guess I have to modify that portion of my talk!"

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About Me

I am presently corporate counsel for Accela, Inc., a software company headquartered in San Ramon, California and am a member of both the Oregon and California State Bars. More detailed professional information is available at my LinkedIn profile.

I have been blogging at Infamy or Praise since early 2005. From 2006 to 2009, I served as a "Sherpa" at Blawg Review, the weekly carnival of legal blogging; I have also hosted (or co-hosted) six editions of Blawg Review, the first four of which were awarded a "Blawg Review of the Year" award. I formerly was a co-blogger at Unsilent Partners. I'm on Twitter as "colinsamuels".

I am the author of "Humanizing the Profession: Lawyers Find Their Public Voices Through Blogging" (11 Nexus L. J. 89 (2006)) and a contributing author to "Blogging and Other Social Media" (Gower Publishing Limited, 2008) and "Legal Profession: Modern Approach" (The Icfai University Press, 2008).

None of the foregoing blogging, tweeting, or personal writing necessarily represents the views of my employer; responsibility for these is entirely mine.